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they think we could find compromise. and we're also watching the situation in the middle east. israel launching a major offensive against palestinian militants in gaza. israeli aircraft tanks have pounded the coastal strip. in response more than 100 rockets have been fired. martin fletcher will join us with the latest. oil prices off by about nine cents. crude oil at this point 86.23. steve, a lot of ground to cover and you have more of our other headlines, as well. thanks for being here. >> good to be here. china's ruling communist party unveiling its new leadership team today. vice president xi jinping taking over from hu jintao. he'll head a team of seven members in the new politburo standing committee compared to nine. they'll have to tackle everything from social unrest to issues with domestic and global economics. back here in the u.s., reports from walmart and target. at 8:30, we get weekly jobless claims. october consumer price index. and the november empire state survey. in corporate news, bp expected to pay a record u.s. criminal penalty and plead guilty to criminal miscondu
-fire intensifies, israel's foreign minister says he sought a long term arrangement arguing any discussion must begin with gaza agreeing to stop all fire into israel. are we going to see more of a premium put into global risk trades now, as well? >> the oil price is the real issue here and that is the factor that could make or break global growth. we've seen a fairly reasonable decline over the past you few months in response to the slower global growth story. if you start increasing the oil price because of tensions in the middle east, and the moves we've seen so far are not substantial, but if we start getting towards $95, $100 a barrel, that starts to put even more economic headwind in you like in the way of the world and that would be a very bad thing. i think it's likely to remain a relatively localized conflict. the risk is if it broadens out further, we still have the issue of iran and what would happen there. something happening there could see the oil price spike to 140, 150. >> i hear what you're saying it potentially remaining ale loized issue in israel, but at the same time, i was s
recovery. >> international pressure mounts for israel and gaza to agree to a cease-fire after a weekend of air strikes leave a dozen dead and hundreds injured. brent continues to climb with gold going higher. >> the president and congress will strike a deal to restore the fiscal cliff. over the weekend in asia, the president said he's confident we can get the fiscal situation confident and reached out to ceos including tim cook, warren buffett and jamie dimon. after top house and senate leaders say friday's meeting was constructive. we see headlines that may bring news to other companies. intel ceo paul otellini to retire. >> during this period where a lot of companies moved toward mobile, was not pioneer mobile. arm holdings to go a bunch of shares. this may be a positive -- viewed as positive for intel. >> they will conduct a search or process to choose otellini's successor. will consider internal and external candidates. he's been at the company for 40 years. only the fifth ceo in 50 years. a company has had long service from those in its ceo position. again, he will step down at the
meets in israel with netanyahu to try to see what she can do to get the cease fire in order. because this is day seven now of this conflict where it continues. overnight the israeli defense force targeted 100 different attacks within gaza by air and sea, targets they said were necessary to stop the flow of missiles and rockets out of gaza, underground bunkers, store am depots and even financial institutions for hamas. this morning militants within gaza responded with volleys of rocket there is to israel -- into southern israel in response to the overnight attacks. so there's a growing call for this cease fire particularly over 100 people killed within gaza now. 26 of those are children. so nearly a quarter killed has been children which is growing to the call of a necessary cease fire to figure out how these two sides can come to terms to stop this violence for now. >> okay on. thanks very much, chapman. shareholders of glencore have approved the deal with ex-trxst. we'll get more on that. but right now let's get the global markets report in singapore. >> composite slipped to a seven
. they approached the border with israel and it imposes a 1,000 foot buffer zone. but part of the cease fire deal was that after 24 hour, israel would loosen up some of the restrictions on its border, as well as some of its crossings. it seems as if this was a testing of the stipulation and what happened was a gun battle there on the border. already on on both sides, whether gaza or israel, there is not a lot of faith that the cease fire is going to hold. here in this country especially in the south, there was can it is investigation that the deal w distress that the deal was made in the first place. on the gaza side, there was a celebration what they're calling a victory in this conflict. >> stephanie, thank you for that. still to come, draghi is due to speak at the conference in frankfurt. when we come back, we'll hope that he'll be speaking. s if . >>> surprise increase in business sentiment in germany quells fears over a crisis. euro climbs just a little bit after the data. the latest draft proposal falls short of demands for spending cuts would i geby germany and b. and while an agreement in
Search Results 0 to 4 of about 5